| The emergence and development of stock trade | | | | works out quite a bit cheaper.) |
| software to the levels of sophistication that it now | | | | 2. Depth of Data |
| occupies is something that must be welcomed by | | | | Make sure the data you can obtain for any share, |
| financial traders. But the sheer number of such | | | | index, commodity or other financial instrument |
| programs available, all claiming to be able to regularly | | | | includes not only a price history going back years but |
| select profitable trades, makes it that much more | | | | also charts, with a facility to make your own simple |
| difficult to pick one that's going to work for you. | | | | moving averages, and news feeds. The latter is |
| Generally speaking, you get what you pay for. You | | | | particularly important if you include fundamental |
| can find a few programs that are free, but most | | | | analysis as well as technical analysis in your method |
| cost between $20 and $500. If you are serious in | | | | of making trading decisions. |
| your efforts to generate substantial profits from | | | | 3. Reliability of Provider |
| financial trading then you should not skimp on the | | | | Check out how long the provider of the software |
| software you are going to use. I'm not going to | | | | and service has been in the business. Find out what |
| pretend that I've tested out dozens of them and can | | | | you can about the package and the provider from |
| recommend any to you (though I'll tell you the | | | | online forums and by doing a search on your favorite |
| package I use myself in a moment), but I will show | | | | search engine. You're looking for easy access to help |
| you what to look for in any program you are | | | | and technical support by telephone and email, as well |
| considering. | | | | as recommendations for accuracy and integrity. |
| 1. Scope of Data | | | | You'll also want to satisfy yourself that you can |
| As a serious financial trader, you need access to data | | | | understand the user guide and that it covers the |
| covering all sections of the market, from company | | | | program comprehensively. If there is a demo version |
| stocks to foreign exchange. Make sure that lesser | | | | of the software available then download and use |
| known instruments such as Unit Trusts are included. | | | | that before deciding if the program is for you. |
| All the companies listed in the stock exchange you | | | | Finally, get to know how to use the software |
| trade on should be included in the data available. The | | | | thoroughly. It's surprising the number of times |
| "All Sectors" companies listed on the London Stock | | | | software of any description is purchased and then |
| Exchange, for example, number nearly 8,500, and the | | | | simply not used to its full potential, or even not at all. |
| number of instruments available to trade is nearly | | | | Personally, I use software called Sharescope. This is |
| 22,000. And there are over 320 indices. | | | | aimed at UK customers (I live in the UK) and covers |
| Unless you day trade, which personally I do not | | | | basically everything that's traded at the London |
| recommend, you do not need up to the minute data. | | | | Stock Exchange, plus the forex market. It doesn't |
| The previous trading day's closing prices are quite | | | | purport to pick winning trades, but then I don't mind |
| sufficient. (This will be welcome news as it invariably | | | | that as I don't have much faith in programs that do. |